In a big management reshuffle, E-commerce giant Flipkart on Monday elevated Binny Bansal as group Chief Executive Officer, while former Tiger Global Management executive Kalyan Krishnamurthy has been named as the new chief executive officer of Flipkart. While Binny has been redesignated as the group chief executive, co-founder Sachin Bansal will continue to serve as the executive chairman.
“In order to drive Flipkart to the next level of growth, the company today announced a new organisation structure with Flipkart Group organisation at the apex level. This newly formed Group Org will focus on creating future value through a portfolio of new, high-growth businesses, manage capital allocation across group companies, and ensure each business has a strong CEO in place,” a press release issued by company said.
“We effected a complete turnaround of the business and consolidated our leadership position in ecommerce. Our execution engine is revved up. Our customer experience and product quality has shown tremendous improvement. This was also the year when Flipkart evolved as a group,” Binny Bansal said.
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“We are now ready to build the Flipkart of the future as we continue on our journey of transforming commerce in India through technology. I am confident that this new organisation structure will deliver further value for Flipkart group.” Binny further added.
With the new development, the key focus area for Group org will be to look after Flipkart and its sister concerns, which include Paisape, Jabong and Myntra. While Ananth Narayanan to continue as CEO of Myntra-Jabong and Sameer Nigam as CEO of PhonePe. The three CEOs will report to Binny, the new group CEO.